A non fungible token (NFT) is a non-interchangeable token, an analog of a digital signature or a certificate that can be sold or donated. The token can include different files: audio, gifs, 3D images and a description of the downloaded content. Thus, NFT can be created by anyone, and the cost on a number of platforms is equal to the price of gas in the Ethereum network.
An NFT token makes it possible to confirm the copyright to a particular work at any time, without intermediaries.
The token architecture can incorporate terms of sale, such as an auction or include a royalty payment - a reward for each subsequent resale.
The decentralized nature of the token allows the true owner to be identified within the shortest possible time, and it takes minutes to complete sales and purchase transactions.
Creation of trading exchange platforms for trading with NFT
Development of services on NFT creation and introduction
Introduction of the NFT approach to existing business processes
If we are talking about items that are unique, then it is not so easy to replace them. For example, a book with an autograph of a celebrity immediately becomes much more valuable than exactly the same book without such an autograph. Thus, if you take this autographed book to read and lose it, it will not be easy to replace it. An autograph sets a book apart from the rest of the circulation, giving it additional value.
NFT tokens have three important characteristics similar to a book autographed by a celebrity:
They are built using smart contracts, but unlike other similar protocols such as ETH and DAI, NFT contracts have specialized information that distinguishes NFT tokens from one another. The most popular blockchain for creating NFTs is Ethereum, and such tokens are developed using the ERC-721 standard.
Each unique token contains a code that indicates that it is a specific asset. The properties of NFT tokens can be used for a variety of purposes. Here are a few examples:
NFT can be applied to any industry that requires a clear identification of ownership and history of transfers.